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Presentazione Di Powerpoint Investor Presentation February 2018 1 Disclaimer This document may contain “forward-looking statements”, which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of Credito Valtellinese. There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of future performance. Credito Valtellinese undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. Neither this document nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision. Neither Credito Valtellinese nor any member of the Credito Valtellinese Group nor any of its or their respective representatives, directors or employees accept any liability whatsoever in connection with this document or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it. The information, statements and opinions contained in this document are for information purposes only. This document does not constitute an offer or an invitation to subscribe for or purchase any securities. The securities referred to herein have not been registered and will not be registered in the United States under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would require the approval of local authorities or otherwise be unlawful. The securities may not be offered or sold in the United States unless such securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. Credito Valtellinese does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from Credito Valtellinese and will contain detailed information about the bank and management, as well as financial statements. Copies of this document are not being made and may not be distributed or sent into the United States, Canada, Australia or Japan. 2 Agenda 1. Executive Summary and 4Q2017 results 2. Creval Business Plan 2018 – 2020 3. Consolidated Results as at September 30th 2017 3 Credito Valtellinese at a glance Geographical footprint1 Overview 8 1 176 12 • Credito Valtellinese Group (“Creval” or the “Group”) is a 22 Of which 176 7 in Lombardy medium-size banking group, ranking 10 in terms of total assets, (43% of total) 10 27 Centre and is listed in the Italian stock exchange 2 17% North • Parent company Credito Valtellinese was established in 1908 as 32 55% a “popolare” bank in Sondrio, Lombardy, one of the wealthiest Sicily region of Italy 28% • Group branch network is primarily focused on northern regions 115 • 65% of loans to customers are in North Italy, and 54% in Total branches: #412 Lombardy Correlation: distribution network vs. Italian GDP by region2 • Creval exposure to 77% of the Italian GDP • Creval has important partnerships with top financial institutions in 22% 5% 11% 2% 8% 9% 20% 77% the asset management, consumer credit and leasing sectors. 6% 100% 5% 3% Additionally, the Group is finalising a bancassurance partnership 8% 7% 28% with a top insurance player Italian GDP by region 43% • In 2016, Creval shareholders’ meeting approved the transformation into joint-stock company Creval branches distribution network by region Lombardy Sicily Lazio Marche Piedmont Veneto Others Total Notes: 1) Source: ABI online, last available data; 2) Source: Eurostat, Regional gross domestic product, 2015 data (last available) 4 Credit policies and asset quality – Non performing exposures (1/2) Bad loans evolution (€m) Unlikely to pay evolution (€m) Coverage 54.4% 54.1% 61.0% 61.5% 62.3% Coverage 29.4% 29.6% 29.8% 37.1% 33.6% 2.787 2.786 2.384 2.339 2.290 2.233 2.163 1.616 1.746 1.684 1.562 1.647 1.607 1.404 1.437 1.272 1.279 609 621 658 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 Net amount Gross amount Net amount Gross amount Past due evolution (€m) NPE exposures evolution (€m) Coverage 8.2% 8.2% 8.5% 8.0% 8.0% Coverage 41.5% 41.6% 41.0% 45.8% 45.3% 198 216 205 5.387 5.330 188 153 167 150 164 4.019 4.012 4.021 103 112 3.154 3.115 2.369 2.176 2.198 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 Net amount Gross amount Net amount Gross amount 5 Credit policies and asset quality – Non performing exposures (2/2) NPE ratio evolution (%) Bad loans ratio evolution (%) 27,3% 27,2% 21,6% 21,1% 21,7% 18,1% 18,0% 14,1% 14,1% 14,2% 12,7% 13,2% 9,4% 8,4% 8,5% 7,3% 7,4% 3,6% 3,6% 3,9% 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 Net Gross Net Gross 6 Balance sheet and funding Customer loans evolution (€m) Direct funding evolution (€m) -0.8% -2.5% +1.6% -2.6% -4.5% -0.7% -0.6% -1.3% 21.109 20.168 20.023 19.896 19.631 17.429 17.281 16.857 17.119 16.681 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 Indirect funding evolution (€m) Tangible book value evolution (€m) -0.0% +1.0% +1.7% -5.4% -2.7% -9.6% -12.4% 6.2% 11.918 1.708 1.661 11.716 1.502 11.603 11.600 1.316 1.398 11.273 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 7 Capital ratios evolution – Phased in 13,0% 12,7% 12,5% 12,5% 11,8% 11,8% 11,6% 11,6% 11,3% 10,5% 10,5% 10,6% 10,6% 9,4% 9,4% 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 Common Equity Tier 1 ratio Tier 1 ratio Total Capital ratio 8 Key P&L indicators Net interest income evolution (€m) Fees & commissions evolution (€m) -5.7% -0.7% -3.2% +1.6% -10.4% +10.3% -5.0% +10.8% 105,8 99,0 75,5 74,6 70,9 78,6 99,7 97,4 67,7 95,8 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 Net impairment losses on loans and other fin. assets (€m) Net income evolution (€m) Including €188m extraordinary provisions 70,8 for Elrond disposal 321,1 2,4 102,5 47,9 17,0 18,8 -197,1 -197,2 -207,8 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 9 P&L 2017 – Stated and adjusted figures Data in €m Dec-17 Dec-17 adjusted Net interest income 392.0 392.0 Net fees and commissions 291.8 291.8 Net interest & comm. income 683.7 683.7 Dividends and similar income 2.9 2.9 Profit (loss) of equity-accounted investments 1.3 1.3 Net trading and hedging income (expense) and profit (loss) on sales/purchases -200.2 46.6 Other operating net income 20.4 18.4 Operating income 508.1 752.9 Personnel expenses -270.4 -277.9 Other administrative expenses -193.6 -186.6 Depreciation/amortization and net impairment losses on property equipment and investment property and intangible assets -28.2 -28.2 Operating costs -492.3 -492.8 Operating profit 15.8 260.1 Net impairment losses on loans and receivables and other financial assets -404.9 -171.8 Net accruals to provisions for risks and charges -4.0 -4.0 Value adjustments of goodwill 0.0 0.0 Net gains (losses) on sales of investments 68.9 -0.8 Pre-tax profit (loss) from continuing operations -324.2 83.5 Income taxes -4.0 -4.0 Post-tax profit (loss) from continuing operations -328.2 79.5 Total profit or loss after tax from discontinued operations 0.0 0.0 Profit (loss) for the period attributable to non-controlling interests -3.7 -3.7 Profit (loss) for the period -331.8 75.9 10 Extraordinary items (€m) Extraordinary Items December 2017 Loss for NLP disposal (Elrond) -242.7 Loss for UTP disposal -13.4 Sale of Anima stake 9.3 Operating income (Elrond) 5.0 Operating costs (Elrond) -3.0 Personnel extraordinary contribution 7.5 Other administrative expenses (Elrond) -7.0 Write off of Atlante Fund and other -39.4 Effects of the adoption of a new credit value adjustment policy and minor Elrond effects -193.7 Profit from sale of investment 69.7 Extraordinary Items -407.7 Pre-Tax Result -324.2 Restated Pre-Tax Result 83.5 11 The three business plan pillars 1 2016 2017A 2018E 2020E • Actions for decisive balance sheet derisking through: Asset quality and – NPEs disposal with GACS (1.60€bn GBV) Coverage 41.5% 45.3% 50.3% 59.1% 27.3% coverage ratio – Other NPEs disposal (0.5€bn GBV) 21.7% Gross NPE 10.5% 9.6% – Increase of NPEs coverage ratios ratio 2 2016 2017A 2018E 2020E • Improve operational efficiency 69.7% 65.5% 71.8% 57.5% • Redundancy fund C/I ratio3 Relaunch efficiency Including provisions for • Cost of risk reduction 268 bps 215 bps restructuring costs 94 bps 64 bps and profitability • Further actions aimed at strengthening business CoR (bps) profitability RoTE Neg.
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